Bitcoin Miner has turned to rising AI trends ahead of half of 2024, cutting block rewards to 3.125 Bitcoin (BTC).
Some just dipped their toes, while others reused their rigs and increased their credit and signed a billion-dollar deal.
But how does that spinoff work in reality? In some cases, the move was a lifeline that produced much needed revenues as Bitcoin revenues fell. For others, it’s more like a safety net that can alleviate half the shock of the future.
Let’s take a look at what happened to the biggest crypto mining company since AI Pivot.
AI Pivot saved this bitcoin miner
Core Scientific is one of the biggest revival stories for Bitcoin miners, who saved AI Pivot’s struggles.
The company filed for Chapter 11 bankruptcy in late 2022. It emerged in early 2024 to relist in NASDAQ, then shifted from pure Bitcoin miners to colocation service providers, leasing data centers to AI companies. In June 2024, it signed a 12-year, $3.5 billion contract to host CoreWeave’s high-performance computing (HPC) operations.
Core Scientific reported that first quarter revenue had declined to $79.5 million from $179.3 million the previous year. It cited the slash of Bitcoin Harving rewards and the operational shift to HPC hosting as the main reasons for revenue. A surge in Bitcoin prices since half offsets some of the losses.
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In late June 2025, CoreWeave resumed consultations to acquire Core Scientific after failing to make a $100 million acquisition attempt in 2024.
AI remains a side job for most Bitcoin miners
Hut 8’s AI Ambitions actually came to shape in September 2024, and the company officially began offering GPU-As-A-Service through its new subsidiary, Highrise AI.
In Pivot, the Hut 8 deployed over 1,000 Nvidia H100 GPUs. It powered a specialized chip-cloud-based AI computing service that is widely used in training and running AI models. Following the April 2024 Harving event, Bitcoin Miner’s revenue tightened, and the launch signed a five-year fixed payment and revenue share agreement.
By the first quarter of 2025, the company’s Bitcoin mining had produced 167 BTC from 716 BTC the previous year. The company posted its quarterly net loss at $134.3 million, but CEO Asher Genoot said its financial performance was the result of a deliberate investment that led to a 79% increase in the hashrate. It also holds 10,273 BTC. This is the 9th largest company in the public market, Bitcoin Ministry of Finance.
AI is a small part of Hut 8’s business model as it continues to expand its Bitcoin business. Recently, American Bitcoin, a majority subsidiary of Hut 8, announced a $220 million salary increase to buy Bitcoin mining equipment. The son of US President Donald Trump is one of the founders of American Bitcoin, of which Hat8 acquired a majority stake in the company in late March.
AI is an increase in revenue pie for these Bitcoin miners
Bitcoin miners like Aylen and Hive are beginning to see meaningful income from AI, even though the mining industry still controls books.
In early 2024, Australian miner Aylen (formerly Iris Energy) began purchasing Nvidia GPUs. By February, they had signed their first AI contract with 248 GPUs. As of mid-2025, the company had approximately 4,300 GPUs. In the third quarter of 2025 (ends March 31), Aylen mined 1,514 BTC from 1,232 BTC in the last quarter.
Meanwhile, AI cloud revenue rose 33% to $3.6 million. The company also has a dedicated site in Texas’s liquid cooling AI data center and British Columbia, Canada, capable of carrying up to 20,000 GPUs. However, a class action lawsuit filed in October 2024 alleged that Aylen misunderstood investors about preparing a Texas facility.
Related: Bitcoin hashrate 15% decrease, 26 companies add BTC to balance sheet: June chart
Hive began its AI shift in mid-2023, focusing on branded brands from the Hive blockchain and computing clusters powered by Nvidia. After a small early deployment, Hive invested $30 million in December 2024 to deploy its GPU in Quebec, Canada. By mid-2025, over 5,000 units had been deployed.
In 2025, Hive generated $115.3 million in revenue from AI and HPC hosting, resulting in $10.1 million (three times the previous year). It currently accounts for almost 9% of total revenue.
Top Bitcoin Minor Finances Are Not the Best Performers
Riot Platforms and Mara Holdings are two of the biggest names in Bitcoin mining, but both lay the foundation for the future after mining.
Riot began investigating AI and HPC workloads in early 2025 and began a formal evaluation of converting up to 600 megawatts into high-performance infrastructure at its Corsicana, Texas facility. This shift has been paused on the site to further Bitcoin mining buildout. Riot has yet to sign any major AI contracts, but its Corsicana site (which can ultimately handle 1 gigawatt of power across 355 acres) is well placed to attract Hyperscalar clients in the future.
The riots remain financially strong with Bitcoin. In the first quarter of 2025, we mined 1,530 BTC, generating $142.9 million in mining revenue. Riot says the gain is attributed to an increase in Bitcoin prices and an increase in operational hashrate. It also holds 19,225 BTC, making it the global fourth largest corporate Bitcoin holder.
Mara holds the largest Bitcoin Treasury among miners, second only to micro-tactics among all public companies with 50,000 BTC.
In March 2024, Mara revealed the Mara 2Pic700. This is an immersion cooling system designed for dense computational workloads including AI and Crypto Mining. By mid-2024, the company had rebranded its broader strategy as an “edge computing” play.
By early 2025, Mara had begun maneuvering two HPC test sites, each using a 2PIC700 cooling system to process around 30 megawatts.
Pivot has yet to translate into major contracts and recurring cash flows for both Bitcoin producers, but Bitcoin balance shows why it is not desperate to diversify AI expansion.
Bitcoin miner who abandoned AI
While many Bitcoin mining companies are leaning towards AI and high-performance computing, ASIC maker Canaan is heading in the opposite direction. In July 2025, the company announced that it would close its AI chip division.
With just 2.1% of the global ASIC market, Canaan remains a small player compared to Bitmain and Microbt.
By focusing head-on on hardware mining and pursuing long-term resilience in North America, we mark a clear pathway for sectors that are obsessed with AI.
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